UTAH BANKRUPTCY LAW

Utah Bankruptcy:Attorneys, Statistics, Exemptions and Courts.

Utah Bankruptcy Statistics: In 2009, 14,829 bankruptcies were filed in Utah. Business bankruptcies accounted for 670 or 4.52% and personal bankruptcies accounted for 14,159 or 95.48% of the total filings.

Utah State Bankruptcy Exemptions

Homestead

The home ("homestead") exemption is limited to $20,000 if the home is the debtor's primary residence and $5,000 if the home is not the primary residence. Utah defines "homestead" to include real property, mobile homes, or water rights. Sale proceeds from the home are exempt for one year; but, the debtor must file a homestead declaration prior to the sale of the home.

Personal Property

The following expenses or items are exempt in their entirety in Utah:

1. Artwork depicting or created by a family member
2. Bed, bedding and carpets
3. Burial plot
4. Clothing (not furs)
5. Health aids
6. Personal injury and/or wrongful death recoveries for debtor or someone upon whom debtor depended
7. Proceeds for sold, lost, or damaged exempt property
8. Refrigerator, freezer, microwave, stove, sewing machine, washer and dryer

The following expenses or items are exempt up to a specified limit in Utah:

1. Motor vehicles are limited to $2,500
2. Heirlooms are limited to $500
3. Food to last one year
4. Sofas, chairs, and related furnishings are limited to $500
5. Dining and kitchen tables and chairs are limited to $500
6. Animals, books, and musical instruments are limited to $500

Pension

The following individuals'and their survivors'pension benefits are exempt when filing for bankruptcy in Utah:

1. Public employees

The following pension types are exempt or partially exempt when filing for bankruptcy in Utah:

1. ERISA qualified benefits (IRAs, Keoghs) that have accrued and contributions that have been made at least one year before filing
2. Other pensions and annuities needed for support

Insurance

The following insurance types are entirely or partially exempt when filing for bankruptcy in Utah:

1. Disability, illness, medical, or hospital benefits
2. Fraternal benefit society
3. Medical, surgical and hospital benefits
4. Life insurance proceeds needed for support if the beneficiary is the insured’s spouse or dependent
5. Life insurance proceeds and avails made more than one year before filing

Public Benefits

The following public benefits are exempt when filing for bankruptcy in Utah:

1. Crime victims'compensation
2. General assistance
3. Occupational disease disability
4. Veterans'benefits
5. Unemployment compensation
6. Workers'compensation

Tools of the trade

This is a separate exemption. The following items have been considered tools of the trade in the state of Utah:

1. Implements, books, and other tools of the trade are limited to $3,500
2. National Guard members'military property

Wages

In Utah, the greater of 75% or more of disposable weekly earnings, or thirty times the federal hourly minimum wage.

Miscellaneous

The following miscellaneous benefits are exempt in Utah:

1. Child support
2. Alimony
3. Property of a business partnership

Wildcard: No.

Federal Exemptions: No, debtors are not allowed to take federal exemptions when filing for bankruptcy in Utah.

Utah Bankruptcy Court:

United States Bankruptcy Court, District of Utah